The High Court of the Federal Capital Territory (FCT) in Abuja has restrained the Federal Government and 27 listed commercial banks from suspending, stopping, extending, or interfering with the currency redesignation terminal date of February 10, 2023, or issuing any directive contrary to the date.
Also restrained by the Court, presided over by Justice Eleoje Enenche, are the President of the Federal Republic of Nigeria, Muhammadu Buhari, the Central Bank of Nigeria (CBN), and its Governor, Mr Godwin Emefiele.
In a motion ex parte filed by five of the 18 political parties, Justice Enenche on Monday also granted an order directing banks’ Chief Executive Officers (CEOs) or/and their alter egos to show cause why they should not be arrested and prosecuted for the economic and financial sabotage of the country by their hoarding, withholding, not paying or disbursing the new N200 N500 and N1000 bank notes despite the supply of such notes by the CBN.
Additionally, the order also ties the hands of bank CEOs and their staff who have been alleged to be hoarding the new banknotes and trading with them thereby causing untold hardship to ordinary citizens.
In the 27 grounds by the applicants, they made out a case showing that politicians who ostensibly were in possession of illicit funds were the ones who wanted the policies suspended.
Amid the CBN’s Naira redesigned policy being met with polarising views with some critics expressing support for the decision, many others have kicked against it as insensitive to the average Nigerian, even accusing the apex bank of deceiving the President.
Among the critics is the former National Chairman of the All Progressives Congress (APC), Comrade Adams Oshiomhole, who in faulting the policy, described it as senseless and a plot by the apex bank to scuttle the general elections.
According to him, the CBN sold an anti-corruption motive to the President which made him approve the policy, even as the former Edo State governor insinuated that the policy is fraudulently being presented as targetting the so-called corrupt politicians and hoarders of illicit funds. – With agency reports
The court documents are reproduced below:
